How MasterCard Debacle got Iranian Minister in Trouble

“What we announced was that the removal of sanctions has started a new phase of international cooperation in various fields of communications, and due to this opportunity, Iran Post Company has signed a deal with an intermediary firm that will offer international credit cards to Iranians,” Vaezi said in another speech on Aug. 21. “At that time, we did not mention MasterCard at all, but some media outlets assumed that the services were going to be provided by MasterCard.”

Based on statements by Iranian officials, it appears that the Malaysia-registered Vision Card Iranian Co. will roll out a debit card service. According to the company’s website, it is the official representative of TransForex — an official prepaid issuer of MasterCard — in Iran.

Al-Monitor has learned that Vision Card Iranian will issue prepaid debit cards known as “Vision Cards” in cooperation with Iran Post Company. The prepaid and rechargeable debit cards can be credited with up to $50,000.

Hamed Zolfaghari, the managing director of Vision Card Iranian, told the official IRNA news agency that his employer is a private Malaysian firm that is entering Iran’s financial market after the removal of sanctions and after obtaining all the necessary legal licenses from the Iranian authorities.

Despite the sanctions relief under the nuclear deal, major European banks that have deep ties with the US banking system have refrained from resuming cooperation with Iran. There are still some restrictions in place that ban American banks from doing business with Iran, and all dollar-denominated transactions continue to be prohibited for Iran.

No comments yet.

Leave a Reply